BLBG: Treasury 30-Year Bonds Decline as Retail Sales Increase More Than Forecast
Treasury 30-year bonds fell after data showed U.S. retail sales gained more than forecast in September and a gauge of New York area manufacturing climbed this month.
U.S. 10- and 30-year securities reversed gains they had made as Federal Reserve Chairman Ben S. Bernanke said in a speech that additional monetary stimulus may be warranted because inflation is too low and unemployment is too high.
“The economic news was a bit better than what the market was looking for,” said Gary Pollack, who helps oversee $12 billion as head of fixed-income trading at Deutsche Bank AG’s Private Wealth Management unit in New York. “The economy continues to recover, although it’s still disappointing.”
Thirty-year yields rose two basis points, or 0.02 percentage point, to 3.93 percent at 8:45 a.m. in New York, according to data compiled by Bloomberg.
To contact the reporters on this story: Susanne Walker in New York at swalker33@bloomberg.net; Paul Dobson in London at pdobson2@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
